The “most ambitious research initiative in its 55-year history, challenging long-standing views on what defines project success and the role of project professionals” has been started by the Project Management Institute, led by its President and CEO, Pierre Le Manh.

In a statement to Society Plus, the institution said that its goal is to start a worldwide movement by putting stakeholder value and accountability ahead of traditional measures like time, budget, and scope.

The study also revealed a new definition of project success, according to which initiatives that are successful provide value that balances the associated costs and effort. Project managers’ perceptions of their jobs should change significantly as a result of this expanded definition, which takes into account both objective data and subjective opinion.

Talking about the findings. “This is about moving beyond project management success to simply project success,” Le Manh remarked. Beyond the technical aspects of our profession, we have to assume accountability. According to the research, stakeholders’ perceptions of a project’s value in relation to its journey’s costs are what really count. This is a change that our profession needs to accept, and we as leaders must take responsibility for the projects’ final success as well as their appropriate management. When we are recognised as the primary creators of this value, especially as AI automates more work, we will get recognition and employment chances.

According to the research, there are differences in project success rates between industries, with the construction, healthcare, and industrial sectors having the highest success rates, and government and consultancy projects having lower success rates.